Episode 17: Setting Up for Success in End of Year tax work (Renovate Part 1)
In this episode, Sam kicks off a series based around the BlueprintHQ Renovate Program, which is all about helping create space in our firms and getting a super efficient at what we do every day. What she is going to talk about over the next four sessions is all around the job processes for End of Year tax work, which still takes up about 85% of our work, so it's this area that accountants need to get super focused on. If you haven’t yet listened to Episode 16, about the overall workflow, then do so before you listen to this episode.
The first stage of it is around setting up success for the job and for our clients, and also in this stage, we really start looking at implementing a planning mindset. Sam explains the three key elements to planning in the first phase: budgets, client information gathering and the pre-brief meeting. She also covers that numbers you should be measuring to improve compliance work, as well as tips, tricks and challenges you may come across.
Listen to a snippet
What we cover in this episode
The planning mindset is the key element to compliance work efficiencies
Why we need planning and how it helps us
The four main reasons we have write off and why planning helps prevent it
Three key elements to planning the first stage: budgets, client information gathering and pre-brief meeting
The two different types of budgets you need: revenue and performance
What makes a great budget
Stages and systems for client information gathering
The importance of individualising client checklists
What you need to do in budget meetings to set the job up for success
Some areas to look at to find more efficiencies
Roles and resourcing effective workflow management
What numbers you should be measuring to improve compliance work
Tips, tricks and challenges you may come across
Quotes
“Our End of Year [tax] work still takes up about 85% of our work. And so it's in this area that we get super focused: [we] make it more efficient so we can create the space to implement any changes and set up our firms for success.”
“The biggest contributor to write off is actually lack of planning…So that's why it's good to get into a planning mindset.”
“A budget is not a static tool. We use it to really make sure that we're thinking about how we're going to improve the job, and the logistics and the steps behind the job.”
“It's really important that we have some effective workflow management here. We're not releasing jobs out into the teams or to the accountant until they have the appropriate amount of jobs open. One of the biggest blocks that happens to turnaround time and write off is just having far too many jobs open.”
“It is much better to sit and maybe do something else or do planning or write some processes, than to start a job for the sake of starting a job. It's pick up and put down, and that's a problem.”
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